DISPOSAL BY TREMATON OF SHOPRITE CENTRE RUSTENBURG Trematon Capital Investments Limited (Incorporated in the Republic of South Africa) Registration number 1997/008691/06 Share code: TMT ISIN: ZAE000013991 ("Trematon" or "the Company") DISPOSAL BY TREMATON OF SHOPRITE CENTRE RUSTENBURG 1. Introduction and terms Shareholders are advised that Trematon, through its 66.7% subsidiary Arbitrage Property Fund (Pty) Ltd (“Arbitrage”), has entered into a sale agreement which came into effect on 15 May 2013, in terms of which Arbitrage will dispose of Erf 2460 Rustenburg, know as Shoprite Centre, Rustenburg, to Heriot Properties (Pty) Ltd for a total consideration of R77,4 million (“the disposal”). The effective date of the disposal will be 1 October 2013 (“the effective date”). The disposal is not subject to any outstanding conditions precedent. 2. Settlement of the consideration The total consideration of R77.4 million will be settled in cash on the effective date. The proceeds will be used to settle the outstanding bank debt on the property and the balance will be retained to be invested in new property investments as and when they arise. 3. Description of property and rationale for the disposal The property is a retail centre known as Shoprite Rustenburg Centre, situated at 110 Kerk Street, Rustenburg, North West Province. The disposal enables Arbitrage to realize an excellent total return on investment on a relatively mature property. The board of directors is of the opinion that the proceeds of the disposal can be more productively employed in funding similar future transactions. 4. Financial effects of the disposal The unaudited pro forma financial effects of the disposal which are based on the published interim group results of Trematon for the six months to 28 February 2013 are set out below. The unaudited pro forma financial effects have been prepared for illustrative purposes only to provide information on how the disposal may have impacted on the results, financial position and the changes in equity of Trematon. Preparation of the unaudited pro forma financial effects is the responsibility of the directors. Because of their nature, the unaudited pro forma financial effects may not fairly present Trematon’s results, financial position and the changes in equity after the disposal: Before the Adjustments After Total disposal – Disposal disposal percen Cents adjustments tage Cents change % Profit per share (cents 1.5 7.2 8.7 480.0% per share) Headline earnings 1.5 7.2 8.7 480.0% (cents per share) Net asset value and net tangible 121.0 7.4 128.4 6.1% asset value (cents per share) Weighted average number of 176 761 091 - 176 761 091 shares in issue Number of shares in 176 323 052 - 176 323 052 issue Notes and assumptions: 1. The “before” financial information is based on Trematon’s published interim results for the six months to 28 February 2013. 2. The “after” pro forma earnings and headline earnings are based on Trematon’s published interim results for the six months to 28 February 2013 after taking into account the pro forma adjustments set out below. 3. The unaudited pro forma earnings figures illustrate the possible financial effects if the disposal had been implemented on 1 September 2012 for income statement purposes and on 28 February 2013 for balance sheet purposes. 4. The adjustments and effects to the pro forma income statement assume that the proceeds from the sale were used to reduce the bank debt with the balance being invested in a call account. All rental income and related property expenses specific to the property disposed of have been eliminated as they would not have been earned had the property been sold at the beginning of the period. The resulting tax adjustments on the above have also been taken into account and adjusted for. 6. The adjustments and effects to the pro forma balance sheet resulting from the disposal assumes that the property was sold at the end of the period and the resulting profit from the sale less capital gains tax increases the net asset value attributable to equity holders of the Company. 5. Categorisation of the disposal The disposal is categorised as a Category 2 transaction in terms of the JSE Limited Listings Requirements. Cape Town 20 May 2013 Sponsor: Sasfin Capital (A division of Sasfin Bank Limited) Date: 20/05/2013 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.